As we have likely mentioned in many previous articles, storing and securing your crypto is a crucial aspect in terms of taking sovereignty over your finances. With crypto, we have the power to hold “the keys” to our own money, without trusting a bank, or any other intermediary. That’s why they say “not your keys, not your coins”. Trust Wallet is a great and trusted option to store your crypto, and hold your own keys, giving you total control over your assets.
In this guide, we will show you the basics of Trust Wallet. Trust Wallet was created in 2017 and acquired by Binance in 2018. It has been used by over 10 million people and counting. It is a software wallet, so it is not cold storage. Trust also allows users to buy, store, collect NFT’s, exchange, and even earn crypto. It is kind of a jack of all trades as far as software wallets go.
It is an open-source wallet that has thousands of assets and allows traders to stake their crypto and earn interest. You can also access all your favorite dApps built on Ethereum directly through the Trust Wallet app, which is available on Android and iOS. It is similar to metamask, in that it is a decentralized Web 3.0 crypto wallet with a built-in browser.
The app is completely free, and Trust Wallet doesn’t store any crypto on its servers, but only gives users access to the wallet. For security, they conduct regular audits through the security firm ‘Stateful’. Most importantly, ‘Trust Wallet allows users to store the private keys of their wallets in their personal computers rather than storing them on the Trust Wallet servers. This puts the users into sole responsibilities to securely store private keys.’
Ok, so now for the how-to. First off, there is no KYC confirmation required; it is non-custodial and doesn’t store any data on the servers. Trust wallet’s biggest draw is that is compatible with over 40 blockchains, making it one of the most accessible choices for users of all chains. Once you download the app, you will be prompted to create a wallet, and then write down your 12-word recovery phrase. You will then be prompted to back it up, and input the words in the correct order, as seen below.
So once your wallet is created successfully, the next step is getting the account funded. To do this, it is basically the process you use to send and receive funds on any wallet.
- Launch the app.
- Select “Receive.”
- Scan the QR code or copy the address from your wallet.
- Transfer funds into your wallet using this address.
- Tap the “Transactions” tab to review your wallet’s transaction history and confirm that the funds have arrived.
Of course, as you can see above, it is the same process to send tokens to an external address. To view the available assets on Trust, you will want to click on the settings menu, which is the icon on the top right of the screen, and you will be taken to this screen below, where you can toggle on and off the assets you wish to interact with.
If you toggle the asset on, you can then access and trade that token, or of course store it. If you click on say the Algorand token, you can see all the transaction history with the token, and as you can see below, where the cursor is highlighted, you can view the charts and historical price performance of the asset.
As you can see above, you have the ability to send, receive, and even buy an asset through a 3rd party processor that accepts debit and credits cards. Unlike some wallets, each asset will have a different address. Let’s say you want to receive Bitcoin. You will click the receive the button, and you will be prompted with the following QR code to receive, in this case, Bitcoin.
Once you send the BTC to this address, there is nothing more you need to do. The crypto is stored on the Bitcoin blockchain, and the private keys you generated at the offset are the only ways to access these funds. You can set up Face ID, and fingerprint ID through your phone’s setting to ensure secure access to the Trust Wallet App.
The next thing you are able to do on Trust is to stake coins for a Yield. At the time of this article, the below assets are available to be staked.
To stake the coin, you will click on the asset and then click more.
Once there, you will be able to stake the asset and see the current yield. You can withdraw at any time. Keep in mind, when you access a staking product, generally, you are giving some level of trust to another entity. However, I can find no issues with the way trust conducts the staking.
Trust Wallet also has a DEX for exchanging and swapping, and you will access that by clicking on the ‘dex’ tab (where the cursor is hovered on below).
As you can see above, through this dex, you can swap different assets. What is nice about Trust Wallet, is they have so many different wrapped assets you can trade, as you can see below, we have a swap set up with Polkadot and BUSD. This is possible because the Polkadot is wrapped as a BEP token (Binance).
You can also toggle to the exchange feature, which resembles a normal order book, where you can set limit orders and buy orders. You will need BUSD (Binance Stablecoin) to make trades on these Swap and Exchange features.
And again, anytime you want to use Uniswap, for example, you are able to access your Trust Wallet funds through Wallet Connect, which is how you connect your wallet on Uniswap if you aren’t using metamask. So connecting to dApps is very easy on Trust Wallet. That is the basic guide on how to use Trust Wallet. It is a very safe, effective software wallet with the ability to buy crypto, store it, earn a yield on it, and even trade it.